20 interesting facts about the Budget

On November 26, 1947 Chetty presented the first Budget of independent India. Actually, it was a review of the economy and no new taxes were proposed as the Budget day for 1948-49 was just 95 days away.

Chetty resigned in 1949 due to differences with the then prime minister Pandit Jawarharlal Nehru.

20 interesting facts about the Budget

The Budget is discussed in two stages in Lok Sabha. First, there is the general discussion on the Budget as a whole. This lasts for about four to five days.

Only the broad outlines of the Budget and the principles and policies underlying it are discussed at this stage. The 'Annual Financial Statement' is laid on the table of Rajya Sabha at the conclusion of the speech of the finance minister in Lok Sabha.

20 interesting facts about the Budget

The highly confidential Budget papers are printed at finance ministry's own printing press. The press at the basement of the building, becomes a forbidden area and about 30 employees of the press stay in the ministry for the last seven days to ensure foolproof secrecy.

20 interesting facts about the Budget

Many Indian finance ministers later became prime ministers. Morarji Desai, was twice the finance minister of India -- 1959-64 and 1967-70. He served as the prime minister from 1977 to 1979. Chaudhary Charan Singh became the prime minister in late 1979, having held the finance portfolio earlier the same year.

V P Singh was finance minister from 1985 to 1987 and prime minister from 1989 to 1990.

India's first prime minister (1947-64) Pt. Jawaharlal Nehru had also held the finance portfolio from 1958 to 1959.